Kaspi.kz Lifts Hepsiburada Stake to 88.95% via Capital Increase and $57.7M ADS Buy
KSPI sits 44% above its 52-week low of $68.59.
Summary
Kaspi.kz increased its stake in Hepsiburada to 88.95% through a TRY 9.32 billion capital increase subscription and a USD 57.7 million purchase of ADSs from VR Global Partners.
Key Events · Ownership and Investor Activity · KSPI
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Capital Increase Subscription
Kaspi.kz exercised pre-emptive rights to subscribe for 71,428,500 new ordinary shares for TRY 9,321,419,250.00, increasing nominal share capital from TRY 72.37 million to TRY 86.65 million.
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ADS Purchase from VR Global
Kaspi.kz agreed to purchase 19,547,401 ADSs from VR Global Partners, L.P. at USD 2.95 per ADS for a total of USD 57,664,832.95, with closing expected on or around September 14, 2026.
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Ownership Consolidation
Following both transactions, Kaspi.kz beneficially owns 381,294,546 ordinary shares, representing 88.95% of 428,653,700 outstanding shares as of September 8, 2026.
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Standstill and Release
VR Global Partners agreed to a standstill preventing future purchases of company securities and provided broad releases of claims, including those related to Kaspi.kz's possession of material non-public information.
Analysis · KSPI · Trade & Services
The controlling shareholder of D-MARKET (Hepsiburada), Kaspi.kz, has moved to consolidate its grip on the company. It exercised pre-emptive rights to subscribe for 71.4 million new ordinary shares for TRY 9.32 billion and separately agreed to buy 19.5 million ADSs from VR Global Partners for USD 57.7 million. Together, these transactions raise Kaspi.kz's ownership to 88.95% of the enlarged share capital. Notably, the ADS purchase price of USD 2.95 per share is far below the current market price of USD 98.54, reflecting the pre-existing control premium and the fact that the subscription was at nominal value under Turkish capital increase rules. This is a significant consolidation of control by the majority shareholder, reducing the public float and potentially limiting liquidity for minority investors.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 29.9% of the 1988 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, KSPI was trading at $98.54 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $20.4B. The 52-week trading range was $68.59 to $109.94. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.